Colin Huang

In this Chinese name, the family name is Huang.
Colin Huang
Born
Huang Zheng

(1980-01-01) 1 January 1980 (age 44)[1]
Hangzhou, Zhejiang, China
EducationZhejiang University
University of Wisconsin
Occupation(s)Businessman, investor, philanthropist, software engineer
Known forFounding Pinduoduo
TitleChairman and Former CEO of Pinduoduo

Colin Huang Zheng (Chinese: 黄峥; pinyin: Huáng Zhēng, born 1 January 1980) is a Chinese businessman, investor, and philanthropist.[2][3][4] He is the founder and former CEO of the e-commerce company Pinduoduo, which is now the largest agriculture platform in China.[5] Huang is also the owner of at least three other limited liability Cayman companies, including Pinduoduo.[6][7][8]

As per Forbes list of The Richest People In The World, dated 8 MARCH 2024, Colin Huang is ranked #33 with a net worth of $38.9 Billion.[9]

Early life and education

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Huang was born in 1980 in the outskirts of Hangzhou, Zhejiang.[10][11] His parents were middle-class factory workers.[10][11] He attended Hangzhou Foreign Language School.

At the age of 18, Huang began studying computer science at Chu Kuchen Honors College of Zhejiang University.[12] During his freshman year, he was selected as a fellow at the Melton Foundation.[13] Huang graduated with a master's degree in computer science from the University of Wisconsin in 2004.[14]

Business career

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Early career

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Huang interned at Google and Microsoft.[15][14][16] In 2004, he became an engineer at Google.[15] In 2006, he returned to China with Kai-fu Lee to expand Google services in China.

After resigning from Google in 2007, Huang started the e-commerce site Oku. He sold it for $2.2 million in 2010.[7] In October, he ranked seventh on the 2019 Huron Report.[17] In March, he ranked second in the 2020 Huron Global Young Zhuang Sect Self-Made Rich List.[18] In November, he was named to the 2021 Forbes Rich List of Mainland China, ranking sixth with a wealth of ¥213.2 billion.[19]

Pinduoduo IPO

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Huang founded and led the Shanghai-based company Pinduoduo in 2015.[20][21] Pinduoduo had a revenue of 1.4 billion yuan ($280 million) in 2017. In 2019, the company generated a revenue of $4.33 billion US dollars (30.14 billion RMB).[citation needed] The company became publicly traded following an initial public offering in the United States in July 2018, raising $1.6 billion in investment backing capital.[22] After the public offering was floated on NASDAQ, Huang's 47% stake in Pinduoduo was valued at $14 billion, making him the thirteenth richest person in China.[23][14][24]

On 1 July 2020, Huang stepped down as CEO of Pinduoduo but retained his titular position as the company's chairman.[25][26] On 17 March 2021, Huang stepped down as chairman and entrusted the voting rights of his shares to the Board.[27] The company said Huang will pursue "new, long-term opportunities."[28][29][30]

Philanthropy

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By June 2020, Huang reduced his Pinduoduo stake to 29.4% by donating 2.37% to a charitable foundation and 7.74% to the Pinduoduo Partnership.[31][32] He also donated 2.37% to an irrevocable charity to promote social responsibility development and scientific research. Huang was named the leading philanthropist on the Hurun China Philanthropy List in 2021 after pledging US$1.85 billion for social responsibility projects and scientific research.[3][33]

According to Bloomberg, Huang and the Pinduoduo founding team have donated 100 million (2.37% of Pinduoduo shares) to the Starry Night Charitable Trust to "support fundamental research in biomedical science, agriculture, and food."[34][35]

See also

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Notes

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  1. In this Chinese name, the family name is Huang.

References

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  1. ^ Cannon, Christopher. "Colin Huang - Biography". www.bloomberg.com. Retrieved 27 August 2021.
  2. ^ McMorrow, Ryan (2020-12-23). "Colin Huang, Shanghai's secretive internet king". Financial Times. Retrieved 2022-02-06.
  3. ^ a b Choi, Martin (11 May 2021). "Pinduoduo's founder is China's top donor with US$1.85 billion in charity". South China Morning Post. Retrieved 27 August 2021.
  4. ^ LAU, YVONNE. "China's Big Tech billionaires up philanthropic giving as Beijing cracks down". Fortune. Retrieved 27 August 2021.
  5. ^ "PDD Stock - Pinduoduo Inc. SEC Filings". sec.report. Archived from the original on 2021-11-23. Retrieved 2020-07-21.
  6. ^ "Pinduoduo Inc. Acquisition Statement SC 13D". SEC.report. Archived from the original on 2021-11-25. Retrieved 2020-07-21.
  7. ^ a b "Colin Huang, Shanghai's secretive internet king". The Financial Times.
  8. ^ "Pinduoduo - Together, More Savings, More Fun". m.pinduoduo.com. Retrieved 2022-11-25.
  9. ^ "The Richest People In The World".
  10. ^ a b Liang, Lu-Hai. "Meet Colin Huang, who just stepped down as CEO of $100 billion Pinduoduo and whose wealth exploded by $25 billion in 2020". Business Insider. Retrieved 20 March 2021.
  11. ^ a b De Wei, Low (16 April 2021). "The bumpy road of Pinduoduo and its founder Colin Huang". KrASIA. Retrieved 29 May 2022.
  12. ^ JUAN, CHEN. "Young Talents in Shanghai -- Impressions of Pinduoduo Founder Colin Huang". www.yicaiglobal.com. Retrieved 27 March 2021.
  13. ^ Huang, Zheping (6 August 2018). "How Pinduoduo founder became China's youngest self-made billionaire". South China Morning Post. Retrieved 20 March 2021.
  14. ^ a b c "A Former Google Employee Just Became One of China's Richest People". fortune.com. Retrieved 1 August 2018.
  15. ^ a b "How the pandemic boosted the net worth of China's fastest-rising billionaire". Fortune. Retrieved 2020-06-24.
  16. ^ "Colin Zheng Huang". Forbes. Retrieved 2022-01-23.
  17. ^ "2019胡润百富榜公布 马云家族第三次夺冠(搜索版)". finance.sina.com.cn. Retrieved 2022-02-07.
  18. ^ "Hurun Report - Info - Hurun Global 40 & Under Self-Made Billionaires 2020". www.hurun.net. Retrieved 2022-01-23.
  19. ^ "China's Richest 2021". Forbes. Retrieved 2022-01-23.
  20. ^ "The bumpy road of Pinduoduo and its founder Colin Huang". KrASIA. 2021-04-16. Retrieved 2022-01-23.
  21. ^ Moss, Trefor (2021-03-20). "How Pinduoduo Beat Alibaba to Become China's Top Shopping Site". Wall Street Journal. ISSN 0099-9660. Retrieved 2022-02-06.
  22. ^ "Colin Zheng Huang". Forbes. Retrieved 20 March 2021.
  23. ^ Fang, Alex. "IPO Of Chinese E-Commerce Firm Pinduoduo Mints New Young Billionaire". forbes.com. Retrieved 30 July 2018.
  24. ^ Pinduoduo opens on the Nasdaq, 26 July 2018, retrieved 2022-01-23
  25. ^ "Pinduoduo founder steps down as chief and reduces personal stake". Financial Times. July 2020. Retrieved 2020-10-08.
  26. ^ "Meet Colin Huang, the billionaire who founded, and just quit, Pinduoduo". South China Morning Post. 2021-04-21. Retrieved 2022-01-23.
  27. ^ Shead, Sam (17 March 2021). "Pinduoduo founder Colin Huang steps down as chairman". CNBC. Retrieved 27 August 2021.
  28. ^ "Chinese tycoon abruptly quits tech giant he founded". finance.yahoo.com. Retrieved 2021-03-18.
  29. ^ "China's third-richest man relinquishes control of its fastest-growing e-commerce giant". Fortune. Retrieved 2022-01-23.
  30. ^ Zhai, Keith (2021-03-17). "Pinduoduo Founder Colin Huang Steps Down From Company". Wall Street Journal. ISSN 0099-9660. Retrieved 2022-02-06.
  31. ^ Keatinge, Colin (18 March 2021). "Pinduoduo Founder Foundation Donates $100 Million to Alma Mater". Bloomberg. Retrieved 27 August 2021.
  32. ^ Feng, Venus; Jin, Berber; Schmidt, Blake; Huang, Zheping (2 July 2020). "His Wealth Surged By 25 Billion Then Jack Ma's Rival Quit". Bloomberg. Retrieved July 17, 2020.
  33. ^ "Hurun Report - Info - Hurun China Philanthropy List 2021". www.hurun.net. Retrieved 27 August 2021.
  34. ^ Keatinge, Colin. "Pinduoduo Founder Foundation Donates $100 Million to Alma Mater". www.msn.com. Retrieved 27 March 2021.
  35. ^ "Letter to Pinduoduo staff: Another baby step of Pinduoduo | Pinduoduo Inc". investor.pinduoduo.com. Retrieved 27 March 2021.
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  • The letter to the shareholders at Pinduoduo
  • Colin Huang on Wechat
  • Colin Huang on Forbes
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